Unemployment is an economic phenomenon when, given the current wage rate and the number of vacant jobs, job seekers cannot find it. The unemployment rate is calculated to determine the extent of unemployment in a country.
Necessary
Data on the number of economically active population of the country, the number of unemployed
Instructions
Step 1
Determine the number of unemployed people, which include people without work or earnings, who are registered with employment services and are ready to start suitable work.
Step 2
Determine the number of economically active population out of the total able-bodied population, minus those who voluntarily do not work, persons serving sentences in special institutions, as well as persons staying in special hospitals.
Step 3
Calculate the unemployment rate using the formula:
Unemployment rate = Number of unemployed / Number of economically active population.
